Quicken Loans has been an integral part of downtown Detroit since moving its headquarters there in 2010. The company's revitalization efforts, which include buying more than 60 properties for more than $1.3 billion, now also includes sponsorship of a city rail line, set to begin operations in early 2017.
Today Quicken Loans and M-1 Rail announced the name of Detroit's new streetcar: QLINE.
They also unveiled the official logo. The design symbolizes the connectivity accomplished through the rail line, according to a release from Quicken Loans.
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(Source: Quicken Loans)
“In the upcoming year, QLINE will begin moving riders up and down Woodward Avenue linking Detroit in a way we have not experienced in nearly 60 years,” said Jay Farner, Quicken Loans president and chief marketing officer.
“The launch of this modern streetcar marks a monumental moment in the development of Detroit in the 21st Century,” Farner said. “Quicken Loans is proud to play our part in the beginning stages of modernizing the transit system in our burgeoning urban core.”
In addition to naming rights for the QLINE, Quicken Loans is one of the 20 station sponsors along the line.
“We appreciate the support of Quicken Loans,” said Sommer Woods, M-1 RAIL vice president of external affairs.
“The QLINE will activate the sidewalks throughout the community, encouraging residents and visitors to experience all the neighborhood has to offer, from our cultural institutions, restaurants and small businesses, to Detroit’s entertainment district,” Woods said. “The streetcar will create connectivity and serve all who live, work and play in Detroit.”
Construction for the line began in 2014, and is expected to be completed by the end of this year. Each car will travel up to 35 mph.
[Update March 28: Story now includes the latest numbers of Quicken Loans' investment in Detroit]
In January 2010, Dan Gilbert co-founded Bedrock Real Estate Services, a full-service real estate firm specializing in purchasing, leasing, financing, developing and managing commercial space based in downtown Detroit. Since then, he has invested more than $2.2 billion to purchase and renovate more than 85 commercial properties accounting for more than 14 million square feet in the city’s urban core.